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, the so-called "fiscal cliff". the president took to the road, while republicans warned there's a deadlock in efforts to reach a deficit deal. >> now, of course, santa delivers everywhere. i've been keeping my own naughty and nice lists for washington. >> warner: the president chose a seasonal setting, a toy factory in hatfield, pennsylvania, and holiday imagery to press again for extending tax cuts for the middle class. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1. i mean, i... i'm assuming that doesn't sound too good to you. >> no. >> that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> warner: in washington, republicans portrayed the road trip as so much humbug, at a time, they said, when negotiations are going nowhere. >> there's a stalemate. let's not kid ourselves. >> warner: house speaker john boehner said republicans remain willing to raise revenues, but not by raising tax rates. and he charged the whi
, the so-called "fiscal cliff". the president took to the road, while republicans warned there's a deadlock in efforts to reach a deficit deal. >> now, of course, santa delivers everywhere. i've been keeping my own naughty and nice lists for washington. >> warner: the president chose a seasonal setting, a toy factory in hatfield, pennsylvania, and holiday imagery to press again for extending tax cuts for the middle class. >> if congress does nothing, every family in...
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just 28 days to go before the fiscal cliff deadline, today house republicans sent the president a counter-offer, calling for big cuts to entitlement spending, and no new taxes on the wealthy. >> tom: i'm tom hudson. auto sales speed up in november, with buyers taking advantage of ultra-cheap financing to ditch
just 28 days to go before the fiscal cliff deadline, today house republicans sent the president a counter-offer, calling for big cuts to entitlement spending, and no new taxes on the wealthy. >> tom: i'm tom hudson. auto sales speed up in november, with buyers taking advantage of ultra-cheap financing to ditch
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cliff of large spending cuts and tax increases. i hope that congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having it all happen at one date. >> reporter: bernanke was again asked by members of congress if low interest rates were hurting savers. he said most retirees had most of their money in stock and mutual funds. >> those assets are assets whose returns depend very much on how strong the economy is. so, in trying to strengthen the economy, we are actually helping savers by making the returns higher as we can see in the stock market, for instance. >> reporter: the fed has spent so much time explaining itself lately that there were only two real surprises in bernanke's testimony. we learned he does his own grocery shopping. and his son may rack up $400,000 in debt as he makes his way through medical school. darren gersh, "nightly business report," washington. >> tom: the chairman's testimony pushed stocks lower today. still, it was the best february for the stock market in 14
cliff of large spending cuts and tax increases. i hope that congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having it all happen at one date. >> reporter: bernanke was again asked by members of congress if low interest rates were hurting savers. he said most retirees had most of their money in stock and mutual funds. >> those assets are assets whose returns depend very much on how strong the economy is. so, in trying to...
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cuts that could drive the economy toward that so-called "fiscal cliff" next year. the president must also still defend his health care law, which remains unpopular and make good on his promise to jumpstart immigration reform. for a look at those realities ahead, we turn to john cowan, the president of third way, a moderate democrat think tank here in washington. and naftali bendavid who covers congress for the "wall street journal." naftali, we saw john boehner come out today and say-- sound like he was finding middle ground. we heard the president call john boehner and harry reid and sound like he was extending some sort of-- i don't know, the day after the election-- olive leaf. is that true? >> i think so. it was really striking to see the conciliatory language on both sides, particularly with speaker boehner who was very careful in the words he used. he used a teleprompter, something he doesn't usually do as though to make sure he used the right language and took no questions from reporters. early opoliticians know voters want compromise, they want concillation
cuts that could drive the economy toward that so-called "fiscal cliff" next year. the president must also still defend his health care law, which remains unpopular and make good on his promise to jumpstart immigration reform. for a look at those realities ahead, we turn to john cowan, the president of third way, a moderate democrat think tank here in washington. and naftali bendavid who covers congress for the "wall street journal." naftali, we saw john boehner come out...
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> reporter: as the deadline to reach a deal to avert the fiscal cliff draws ever closer, republicans say the real issue is spending cuts. >> listen, republicans want to solve this problem by getting the spending line down. the president wants to pretend that spending isn't the problem. that's why we don't have an agreement. >> reporter: a claim the white house denies, spokesman jay carney. >> let's just be clear. there is one party to these negotiations who has put forward a specific proposal for revenue and a specific proposal for spending cuts. even when the republicans-- and i saw speaker boehner do this earlier today-- insist that the president hasn't put forward spending cuts, one, it begs the question, what spending cuts have the republicans put forward? >> reporter: the president was asked if he was optimistic about reaching a deal. >> still a work in progress. >> reporter: but senate majority leader harry reid said republicans in congress should yield to public opinion about tax increases. >> speaker boehner knows or should know that the middle- class tax help that we have to
> reporter: as the deadline to reach a deal to avert the fiscal cliff draws ever closer, republicans say the real issue is spending cuts. >> listen, republicans want to solve this problem by getting the spending line down. the president wants to pretend that spending isn't the problem. that's why we don't have an agreement. >> reporter: a claim the white house denies, spokesman jay carney. >> let's just be clear. there is one party to these negotiations who has put forward...
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online we have a report from our partners at kaiser health news on how the fiscal cliff could affect health care for the military and for medicare patients. >> brown: next, a potential crisis of a different kind, one that has new urgency after hurricane sandy and that also involves federal spending: rising sea levels. today, new york city mayor michael bloomberg announced a new long-term initiative to protect the city from future natural disasters. he called for rebuilding vulnerable coastal areas, but dismissed again the idea of constructing a large sea-gate across the harbor. >> we're not going to abandon the waterfront. we're not going to abandon the rockaways or coney island or staten island's south shore. but we can't just rebuild what was there and hope for the best. we have to build smarter and stronger and more sustainably. >> woodruff: 350 miles south. the city of norfolk, virginia, is another coastal city vulnerable to sea level rise and extreme storms. but its mayor has said parts of his city might not be livable in the future. our producer, mike melia, traveled to norfolk
online we have a report from our partners at kaiser health news on how the fiscal cliff could affect health care for the military and for medicare patients. >> brown: next, a potential crisis of a different kind, one that has new urgency after hurricane sandy and that also involves federal spending: rising sea levels. today, new york city mayor michael bloomberg announced a new long-term initiative to protect the city from future natural disasters. he called for rebuilding vulnerable...
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because if the fiscal cliff occurs, and we get 4% of gdp cuts in spending and then across-the-board decrease in tax, the u.s. will go into recession. the first thing is do no harm. second, is if we can get over that, i see an economy gradually picking up momentum. it's not going to be great. we're going to create jobs, not enough to really lower the unemployment, and hopefully we're going to start dealing with these longer-term issues. so like ken, the thing i find most frustrating, judy, is this is not a complicated issue. we can handle this. we can unleash the innovation, the entrepreneurship, the cash that is on the sideline but it requires a political will and political coordination. >> woodruff: and rogoff, quick last word. >> well, i mean i think that the thing that confuses people is we're not going to go off the fiscal cliff but what direction are we going to go. there are such different visions coming from the republicans and democrats. frankly i think if either were to win decisively it would be better off than having no policy. but we don't know what direction we're going. i think
because if the fiscal cliff occurs, and we get 4% of gdp cuts in spending and then across-the-board decrease in tax, the u.s. will go into recession. the first thing is do no harm. second, is if we can get over that, i see an economy gradually picking up momentum. it's not going to be great. we're going to create jobs, not enough to really lower the unemployment, and hopefully we're going to start dealing with these longer-term issues. so like ken, the thing i find most frustrating, judy, is...
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. >> brown: the final weekend has now arrived before the fiscal cliff hits on new year's day and with it, more than $600 million in tax hikes and spending cuts. in a last bid for a deal, president obama stated his terms face-to-face to top republicans and democrats. >> congressional leaders arrive ted white house this afternoon for their first group meeting with the president since november 16th. vice president biden and treasury secretary timothy geithner also attend. but there was little to suggest the makings of an 11th hour bargain. a source familiar with the meeting told the newshour its president is sticking with his offer from last friday. it included keeping the bush era tax break force the middle class but raising tax rates on incomes over 250,000 dollars a year. president also wants to extend unemployment benefits for some 2 million americans who will lose them in the new year. and a proposal would delay any spending cuts. the president asked for an up or down vote on his plan unless there is a counter proposal that will pass both the house and senate. a little more than an
. >> brown: the final weekend has now arrived before the fiscal cliff hits on new year's day and with it, more than $600 million in tax hikes and spending cuts. in a last bid for a deal, president obama stated his terms face-to-face to top republicans and democrats. >> congressional leaders arrive ted white house this afternoon for their first group meeting with the president since november 16th. vice president biden and treasury secretary timothy geithner also attend. but there was...
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. >> woodruff: the white house had a new proposal on the table today in the fiscal cliff negotiations. house republicans said it fell well short, but the two sides kept at it, hoping to avert across-the-board tax hikes and steep mandatory spending cuts in 2013. >> we're moving closer. let me say that. it looks more encouraging today than it did yesterday. >> woodruff: there were some voices today like california republican congressman wally herger who saw signs of a deal in the works. president obama offered monday to lower his target for new revenue to $1.2 trillion over ten years. down $400 billion from his first offer. he also raised the threshold for higher tax rates to households making $400,000 a year. instead of $250,000. and he proposed spending cuts of $1.2 trillion from health programs and cost of living hikes for social security. white house press secretary jay carney. >> in the details that have come out about the president's proposal, i think it is clear that he has demonstrated good faith and a willingness to meet speaker boehner and the republicans halfway. >> woodruff:
. >> woodruff: the white house had a new proposal on the table today in the fiscal cliff negotiations. house republicans said it fell well short, but the two sides kept at it, hoping to avert across-the-board tax hikes and steep mandatory spending cuts in 2013. >> we're moving closer. let me say that. it looks more encouraging today than it did yesterday. >> woodruff: there were some voices today like california republican congressman wally herger who saw signs of a deal in...
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we have fiscal cliffs hanging at the end of the year, taxes expiring, triggers on spending, they should talk about substance and what they would do for the country and to solve the country's problems. >> woodruff: linda killian author of the new book on the swing vote "the untapped power of independents." thank you very much. >> thank you for having me. >> woodruff: you can watch those "listen to me" videos on our politics page. >> ifill: now, the alarming rise in diabetes among the young. nearly one out of every four american teens either has the disease, or is at risk. those numbers are prompting a series of efforts to combat obesity. the disney company announced yesterday it will be the first major media company to ban junk food advertising to kids on tv, radio and the web. but doctors say that, when it comes to kids, the dangers of diabetes are even harder to treat than they expected. "newshour" health correspondent betty ann bowser has the story. >> reporter: 16-year-old shannon conder knows sacrifice about as well as anybody her age. >> she's pretty typical. a vary sedentary child
we have fiscal cliffs hanging at the end of the year, taxes expiring, triggers on spending, they should talk about substance and what they would do for the country and to solve the country's problems. >> woodruff: linda killian author of the new book on the swing vote "the untapped power of independents." thank you very much. >> thank you for having me. >> woodruff: you can watch those "listen to me" videos on our politics page. >> ifill: now, the...
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and on tonight's edition of "need to know," ray moderates a roundtable discussion about the fiscal cliff and congress's deadline to deal with expiring tax cuts and automatic spending cuts. find a link to "need to know" and much more at newshour.pbs.org. judy. >> woodruff: and that's the newshour for tonight. on monday, we'll talk with npr's peter overby about spending by super-pacs on campaign ads. i'm judy woodruff. >> brown: and i'm jeffrey brown. "washington week" can be seen later this evening on most pbs stations. we'll see you online and again here monday evening. have a nice weekend. thank you and good night. >> major funding for the pbs newshour has been provided by: ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> and with the ongoing suppor of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. captioning sponsored by macneil/lehrer productions captioned by media access group at wgb
and on tonight's edition of "need to know," ray moderates a roundtable discussion about the fiscal cliff and congress's deadline to deal with expiring tax cuts and automatic spending cuts. find a link to "need to know" and much more at newshour.pbs.org. judy. >> woodruff: and that's the newshour for tonight. on monday, we'll talk with npr's peter overby about spending by super-pacs on campaign ads. i'm judy woodruff. >> brown: and i'm jeffrey brown....
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. >> brown: washington was a-whirl today with more talk of avoiding the much-discussed fiscal cliff. but as november wound down, the president suggested an agreement on taxes and spending could come in time for the holidays. >> i believe that both parties can agree on a frame work that does that in the coming weeks. in fact my hope is to get this done before christmas. >> you know me, i was born with the glass half full. i'm an optimist. >> brown: hopeful signs emanated from the white house and the capitol today, about getting a deal before the new year brings automatic tax hikes and spending cuts. president obama offered his optimism at an event with middle-class americans who'd be hit by any tax increase. >> i'm glad to see-- if you've been reading the papers lately-- - that more and more republicans in congress seem to be agreeing with this idea that we should have a balanced approach. so if both parties agree we should not raise taxes on middle class families, let's begin our work with where we agree. >> brown: one such lawmaker is republican house member tom cole of oklahoma. th
. >> brown: washington was a-whirl today with more talk of avoiding the much-discussed fiscal cliff. but as november wound down, the president suggested an agreement on taxes and spending could come in time for the holidays. >> i believe that both parties can agree on a frame work that does that in the coming weeks. in fact my hope is to get this done before christmas. >> you know me, i was born with the glass half full. i'm an optimist. >> brown: hopeful signs emanated...
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credit ratings agency fitch calls the fiscal cliff the biggest concern for state credit in 2013. saying, "any meaningful federal deficit reduction is likely to lower state funding, forcing program elimination or backfilling." as the tax hikes and spending cuts approach, u.s. manufacturers saw business shrink last month. the institute of supply management's purchasing managers index fell unexpectedly to 49.5, down from 51.7 in october. a reading below 50 means business has fallen back into contraction. the november statistic is the lowest since july 2009. the dow fell 60, the nasdaq down eight, the s&p 500 lost six. >> susie: jeff saut says investors seem to be ignoring bad news, and this is a bullish sign. he's managing director and chief investment strategist at raymond james. so jeff, not only are you bullish but you're also calling for a pretty decent santa claus rally. tell us why? >> well, i have learned over the 42 years in this business, susie, that it's pretty tough to put stocks to the downside in the ebullient month of december. i mean it's happened but it's a pretty ra
credit ratings agency fitch calls the fiscal cliff the biggest concern for state credit in 2013. saying, "any meaningful federal deficit reduction is likely to lower state funding, forcing program elimination or backfilling." as the tax hikes and spending cuts approach, u.s. manufacturers saw business shrink last month. the institute of supply management's purchasing managers index fell unexpectedly to 49.5, down from 51.7 in october. a reading below 50 means business has fallen back...
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cliff here in the united states, a combination of tax increases and spending cuts that could well up the economy at year end if nothing is done about it. >> brown: so the firm step, extending the program, t so-called operation twist, tell us a little bit more about that and is it still effective? what is it intended to do at this point? >> what operation twist does is basically the fed has a balance sheet with roughly $2.5 to $3 billion in bonds. they mature in five or three years. they're selling shorter dated bonds and buying longer term bonds. the reason they're doing that is that by purchasing long-term bonds they push their prices up and their yields down and that affects all sorts of bow roars. if you get a mortgage, for example, you should benefit from that because as the treasury bond yields come down so should mortgage rates. the idea is if they do enough of this this will have a beneficial impact on the economy. >> brown: long-term rates have been so or will already so the question is how much impact can something like this still have? >> it should have some impact. studies
cliff here in the united states, a combination of tax increases and spending cuts that could well up the economy at year end if nothing is done about it. >> brown: so the firm step, extending the program, t so-called operation twist, tell us a little bit more about that and is it still effective? what is it intended to do at this point? >> what operation twist does is basically the fed has a balance sheet with roughly $2.5 to $3 billion in bonds. they mature in five or three years....
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but this sequester is, you know, it's a big part of the fiscal cliff. monetarily it's not quite half of it. it's worth $110 billion, and those spending cuts go into effect tonight. it's unclear if they are going to solve that part of it. >> woodruff: but todd s there, on the tax side, has there been agreement there, at least, on the senate side. because as we just reported some democrats say they don't like what they see. >> well, they don't need everybody. keep in mind, you-- what you need in the senate usually is 51 votes. we've gotten into this environment here where we assume that everything needs 60 votes. it doesn't have to be that way. you heard from senator harkin there, he and a bunch of other senate lib rarblingts shelton white house, al franken, jay rockefeller, other, huddled in harry reid's office earlier today. i was standing outside that room when they came out. they were tight-lipped. they were grim. they went into a side meeting all their own to try and decide what to do. they weren't talking when they came out. what you are looking for
but this sequester is, you know, it's a big part of the fiscal cliff. monetarily it's not quite half of it. it's worth $110 billion, and those spending cuts go into effect tonight. it's unclear if they are going to solve that part of it. >> woodruff: but todd s there, on the tax side, has there been agreement there, at least, on the senate side. because as we just reported some democrats say they don't like what they see. >> well, they don't need everybody. keep in mind, you-- what...